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RSM222H1 (34)

Textbook Notes on Chapter 10+11-Standard Costing and Flexible Budget

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University of Toronto St. George
Rotman Commerce
Jacques Bertrand

Chapter 10 2 reasons why price and quantity standards are determined separately: 1) purchasing manager = responsible for RM purchase prices, production manager = responsible for quantity of RM used 2) buying and using activities occur @ different times; RM purchases may be held in L3; 147,507L4419L20-01470-0L3J:80L35743 MixYield Variance: - used when production process requires input of more than one material (material quantity variance MQV can be further broken down into mixyield) Mix dollar effect of a difference between the actual mix of materials and the budgeted mix of materials on total materials cost Yield portion of efficiency variance that is not the mix variance; occurs when actual yield differs from the standard yield expected from a given mix of inputs - production managers = responsible for labour variances; they influence: o mix of skill levels assigned to work tasks o level of employee motivation o quality of production supervision o quality of training provided to employees Cha
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